We just finished reading the following news: A Picasso sold for a record $179 million, a blue diamond sold for $44 million, a Sotheby’s watch auction brought in a staggering $117 million all within the past week or so. Our Regency 61 sale was strong too. We still see many tear downs of million dollar houses happening in our area by the Jersey Shore. The point is, for the “right” material, there is money available. But during these more turbulent times, the buyers are not seeking stuff, they want blue chip items. It was admitted in an article about the art market that even though the better paintings are selling strong, “stuff” is off 25% from last year. This sort of mirrors the coin market. Right now, even with 2 major auctions happening next week, there is not a whole lot of earth shaking coins available. The auction to watch will be the sale of the late Stewart Blay. His coins will sell for INSANE prices. Why? They are the VERY BEST and they are super fresh. That combo wins every time!
As this is being written, our team is at the Baltimore Show. So far, wholesale activity has been good (we expected weak). Even our friend the “super secret stealth seller” is having a great show so far-and two of his bigger buyers did not attend. Another interesting issue, most people do not know that some states tax the ending inventories of dealers. Several of them are bigger players and usually stop their buying around now. This always hurts liquidity among dealers. However, each one of them shows up at FUN with wide open checkbooks. We just have to accept that this time of year can be sluggish. .
All this is why we keep stressing: BUY THE BEST QUALITY YOU CAN AFFORD. Even if you buy an 1882CC Morgan in MS65-make sure it looks good! The value of what you buy does not make a difference in the returns you can get over time. And these days, you must understand, real quality still is NOT cheap!
GOLD
Ok, we looked good for a few hours. Now gold has retreated. We are scratching our heads. We see no reason why gold is not above $2,000.00 and rising. It will take time. And when it does break 2G again, we strongly believe this time it will continue rising. We are trying to buy gold coins-but can’t find many reasonably priced. We think there is still much upside for the long term.
The other thing we do not understand, why people are waiting to buy more gold. people like to see it rising first. The smart money is getting in now and the majority of money is already there.
There are so many ways to collect affordable gold. Even a nice selection of MS65 Saints can create interest when you go to sell down the road. We recommend some kind of Type set. That way you can include what you want. Right now the premiums/values for more generic coins are low. Good timing if you buy today.
LEGEND NUMISMATICS OFFICES WILL BE CLOSED NOV 22-26 FOR THANKSGIVING
NEWPS
Finally! We have some nice and super fresh NEWPS. It’s becoming harder and harder for us to buy anything (yet we thought it was impossible a year ago). We are grateful for all the resources we have built up over the last 40 years. We do get “nuggets of coolness every so often.
This weeks highlights include:
25C 1838 BUST PCGS MS65+ CAC
25C 1839 NO DRAPERY PCGS MS64+ CAC A MONSTER AND A REAL RARITY!
$3 1878 PCGS MS66 CAC BRENT POGUE
$20 1911 CACG MS 65+ CAC
We do have even more great coins now posted. This is a great offering of great coins!
Check out our total quality driven inventory. We offer coins others can only dream about!
LEGEND RARE COIN AUCTIONS
www.legendauctions.com
LRCA wishes to thank everyone for making our Regency Auction 61 successful. The stars of the auction, the Perfection Bust 25C. One coin, the amazing 25C 1837 PCGS MS67 PL CAC produced a world record price of $282,000.00 with very active bidding!
We are now preparing Regency 62 which will be held December 7 in Las Vegas at the PCGS Invitational. This sale features the Great Pacific CC DMPL collection-which includes some of the rarest CC DMPL’s that exist! There is also the wildest toned Peace Dollar we have ever seen. This will be another quality and exciting sale! Stay Tuned for the list.
We are always accepting quality consignments. Call the best team in the biz! 732-935-1168.
As always,
Happy Hunting
Legend Numismatics
